Goody's renegotiates $235 million asset-based revolver to get more liquidity

By Sara Rosenberg

New York, Jan. 16 - Goody's Family Clothing, Inc. renegotiated its $235 million asset-based revolving credit facility to enhance the terms so as to get additional liquidity, according to a news release.

CIT Group/Business Credit, Inc. and GMAC Commercial Finance LLC are the co-lead arrangers on the deal.

The renegotiation was done in connection with a $65 million capital infusion from its existing sponsor, an entity affiliated with Prentice Capital Management LP.

The capital infusion consists of collateralized debt, which is junior to the bank debt and senior to other debts of the company.

Goody's is a Knoxville, Tenn.-based retailer of moderately priced family apparel.

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